It’s what CMHC is calling the “most thorough examination of house price patterns” ever done of the housing market in the country’s five largest cities, including Vancouver.
Canada Housing and Mortgage Corp. on Wednesday released a 225-page report called Examining Escalating House Prices in Large Canadian Metropolitan Centres. It was completed to better understand how much prices rose between 2010 and 2016 (in Vancouver, a lot), factors that drove the hikes, why the hikes are important and what can be done about them.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
1. Housing got more expensive
House prices jumped 48 per cent between the 2010 Winter Olympics and 2016 in Vancouver, the leader in increases among Toronto (40 per cent), Montreal, Edmonton and Calgary.
CMHC said its analysis showed that demand was driven by conventional economic factors — a strong economy, growing population and low mortgage rates.